两家医院，1850张床位，撑起一个IPO，上市即腰斩！

Core Viewpoint - Ming Chi Hospital, the largest private profit-oriented comprehensive hospital group in East China, faced a disappointing debut on the Hong Kong Stock Exchange, with its stock price plummeting 49.46% on the first day of trading, marking the worst opening for a new stock in Hong Kong in 2025 [1] Group 1: IPO and Market Performance - The company listed at a price of HKD 9.34 per share, raising approximately HKD 5.55 billion through the issuance of 67 million shares [3] - On its first trading day, the stock opened below the issue price and closed at HKD 4.72, with an intraday low of nearly halving its value [1][2] - The IPO process was fraught with challenges, requiring four attempts before successfully listing, with the first application submitted in April 2024 [5][6] Group 2: Company Scale and Operations - Ming Chi Hospital operates two comprehensive hospitals in Nanjing and Suzhou, with a total building area of approximately 400,000 square meters and 1,850 registered beds [8] - The hospital group ranked first among private profit-oriented comprehensive hospital groups in East China by bed revenue for 2024, holding a market share of 1.0% regionally and 0.4% nationally [8] Group 3: Financial Performance and Growth Challenges - Financial data indicates stagnation, with revenues of RMB 2.336 billion, RMB 2.688 billion, and RMB 2.659 billion from 2022 to 2024, while net profit peaked at RMB 168 million in 2023 before dropping to RMB 109 million in 2024 [10] - The average hospitalization fee in 2023 was RMB 18,000, significantly higher than the national average for tier-three public hospitals, raising concerns about the company's pricing strategy [11] Group 4: Risks and Concerns - The company has faced 231 medical disputes, including 54 involving patient deaths, with ongoing investigations into past malpractice [9] - The high pricing model and recent regulatory changes in the DRG payment system may further compress profit margins, as average patient expenditures have decreased [12] Group 5: Use of Proceeds from IPO - Approximately 74.3% of the net proceeds from the IPO will be allocated for the expansion and upgrading of existing hospitals, while 16% will be used for potential investments and acquisitions [17] - Plans include the construction of a specialty center in Nanjing and new facilities in Suzhou, although current bed occupancy rates are already high, reaching 97.1% overall [18]